28th Sep 2007 07:02
Xtract Energy plc28 September 2007 28 September 2007 AIM: XTR XTRACT ENERGY PLC ("Xtract" or the "Company") MEO Australia Ltd Xtract announces that it has recently reduced its interest in MEO Australia Ltd("MEO") from 22.8% to 21.3% of MEO's issued capital. The Company's wholly owned subsidiary Cambrian Oil & Gas Plc ('COIL') has thisweek sold 5 million shares in MEO at A$1.10 per share in cash to substantialfinancial institutions that are, like Xtract, strong supporters of MEO and itsexploration, drilling and development plans. Following this disposal Xtract (through COIL) retains 71,366,814 shares in MEO. Enquiries please contact: Xtract Energy plc Andy Morrison, CEO +44 (0) 20 7079 1798 Smith & Williamson David JonesCorporate Finance Limited Azhic Basirov +44 (0) 20 7131 4000 Scott Harris Stephen Scott +44 (0) 20 7653 0030 Annabel Michie For further Information on Xtract please visit www.xtractenergy.co.uk About MEO The MEO business plan is centred on the development of gas-to-liquids (GTL)projects in the Australian waters of the Timor Sea, approximately 275 kmnorthwest of Darwin, in an area known as Tassie Shoal. The company has securedAustralian Commonwealth Government environmental approvals for two large-scalemethanol plants (1.8 mtpa) and an LNG plant (3 mtpa) that are valid until 2052. Tassie Shoal is an area of shallow water adjacent to the Evans Shoal gas fieldand is located around 25km east of MEO's exploration permit, NT/P68. MEO mappinghas identified five large structures in NT/P68, two of which were intersected bythe Heron-1 well drilled in 1972, confirming gas columns. The resourcescontained in NT/P68 provide significant valuation upside by potentiallyproviding a feedstock for the GTL projects as an alternative to possible thirdparty gas supply from nearby resources. About Xtract Energy Plc Xtract identifies and invests in a diversified portfolio of early stage energysector technologies and businesses with very significant growth potential. Weaim to work closely with the associated management teams to achieve criticalproject milestones, to finance later development stages and to build andcrystallise value for all shareholders and partners. A short description of the principal assets of Xtract is set out below. Theseassets are either held directly or through wholly owned subsidiaries of theCompany. Elko Energy Elko is an oil & gas exploration company which has an interest in a 5,370km2exploration and production licence in the Danish North Sea and an investment inDragon Energy Inc, a private Canadian company, with a development project inGansu Province, China. Wasabi Energy Wasabi is a diversified investor in renewable energy and low greenhouse emissiontechnologies, with interests in geothermal waste/heat, uranium exploration inAustralia's Northern Territory and biodiesel investments in Victoria. Central Asian Interests Xtract's Central Asian interests include a production sharing agreement withKyrgyzneftegaz to instigate a water injection project on the Beshkent- Togap oilfield. Xtract also holds interests in several exploration licences in the TashKumyr area and in the Toktogul exploration licence. Oil Shale Xtract has oil shale and related petroleum product exploration rights over mining tenements in the Julia Creek area of Queensland and has recently been granted an exploration permit which gives rights to explore for oil shale in an area in the South of New Zealand. It is investigating the commercial production of hydrocarbons (crude oil) from oil shale. Xtract is also available for trading on the open market segment of the FrankfurtStock Exchange (ticker R9X.FSE). This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Xtract